AUDUSD on Thursday dropped -0.01% to 0.6588. Pair in consolidation. What goes around.

AUDUSD on Thursday dropped -0.01% to 0.6588. Pair in consolidation. What goes around.

Open High Low Close
0.65935 0.66362 0.65755 0.65876

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.01% -0.7 Pips
Week to-date -2.66% -179.8 Pips
March -2.11% -141.9 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

๐Ÿ‡บ๐Ÿ‡ธ ๐Ÿ“† USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡ฆ๐Ÿ‡บ AUD RBA Interest Rate (Cash Rate Target) rose to 3.6% compared to previous rate 3.35%. Source

What can we expect from AUDUSD today?

AUDUSD on Thursday dropped -0.01% to 0.6588. Price is below 9-Day EMA while Stochastic is falling but in oversold zone.

Updated daily direction for AUDUSD looks mixed as the pair is likely to consolidate above 0.65633 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.6636 or trades above daily pivot 0.65998 while to the downside, the daily low of 0.6575 and 0.65633 (S1) as key support levels. AUDUSD need to break on either side to indicate a short-term bias. A close below 0.6575 would indicate selling pressure.

For the week to-date, take note that AUDUSD is bearish as the pair posted lower by -2.66%.

Key levels to watch out:

R3 0.66847
R2 0.66605
R1 0.66240
Daily Pivot 0.65998
S1 0.65633
S2 0.65391
S3 0.65026

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